Chilton Investment Co. LLC raised its stake in Sonic Corp. (NASDAQ:SONC) by 1.1% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 3,772,117 shares of the company’s stock after buying an additional 39,249 shares during the period. Sonic Corp. comprises approximately 3.9% of Chilton Investment Co. LLC’s portfolio, making the stock its 8th largest position. Chilton Investment Co. LLC owned 8.24% of Sonic Corp. worth $98,754,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Sonic Corp. by 5.0% in the second quarter. Vanguard Group Inc. now owns 3,887,174 shares of the company’s stock valued at $105,148,000 after buying an additional 183,684 shares in the last quarter. BlackRock Fund Advisors raised its position in shares of Sonic Corp. by 6.7% in the third quarter. BlackRock Fund Advisors now owns 3,231,757 shares of the company’s stock valued at $84,607,000 after buying an additional 202,316 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Sonic Corp. by 6.8% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,286,818 shares of the company’s stock valued at $33,689,000 after buying an additional 81,825 shares in the last quarter. Royal Bank of Canada raised its position in shares of Sonic Corp. by 84.0% in the second quarter. Royal Bank of Canada now owns 1,145,861 shares of the company’s stock valued at $30,996,000 after buying an additional 523,188 shares in the last quarter. Finally, Cambiar Investors LLC purchased a new position in shares of Sonic Corp. during the third quarter valued at about $20,931,000. 96.33% of the stock is owned by institutional investors and hedge funds.
Shares of Sonic Corp. (NASDAQ:SONC) opened at 26.41 on Friday. Sonic Corp. has a 52-week low of $21.12 and a 52-week high of $36.34. The company’s 50-day moving average price is $26.08 and its 200-day moving average price is $26.51. The company has a market capitalization of $1.16 billion, a price-to-earnings ratio of 19.75 and a beta of 1.49.
Sonic Corp. (NASDAQ:SONC) last issued its quarterly earnings data on Wednesday, January 4th. The company reported $0.24 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.21 by $0.03. The firm earned $129.60 million during the quarter. Sonic Corp. had a net margin of 10.97% and a negative return on equity of 88.45%. The company’s revenue was down 11.1% on a year-over-year basis. During the same quarter last year, the business earned $0.24 earnings per share. Equities research analysts forecast that Sonic Corp. will post $1.26 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 17th. Shareholders of record on Wednesday, February 8th will be given a dividend of $0.14 per share. The ex-dividend date is Monday, February 6th. This represents a $0.56 annualized dividend and a yield of 2.12%. Sonic Corp.’s dividend payout ratio (DPR) is presently 41.79%.
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Several equities analysts recently issued reports on the company. Zacks Investment Research lowered Sonic Corp. from a “buy” rating to a “hold” rating in a research note on Thursday, January 19th. Deutsche Bank AG lowered their price target on Sonic Corp. from $27.00 to $25.00 and set a “hold” rating on the stock in a research note on Tuesday, October 25th. Stephens lowered Sonic Corp. from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $32.00 to $26.00 in a research note on Tuesday, October 25th. Jefferies Group LLC restated a “hold” rating and set a $26.00 price target on shares of Sonic Corp. in a research note on Saturday, January 7th. Finally, Telsey Advisory Group lowered Sonic Corp. from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $36.00 to $27.00 in a research note on Tuesday, October 25th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $30.12.
In other Sonic Corp. news, VP Harold A. Ceron sold 3,112 shares of the firm’s stock in a transaction that occurred on Wednesday, January 11th. The shares were sold at an average price of $27.02, for a total transaction of $84,086.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Frank E. Richardson III sold 4,685 shares of the firm’s stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $27.57, for a total transaction of $129,165.45. Following the sale, the director now owns 1,290,728 shares of the company’s stock, valued at $35,585,370.96. The disclosure for this sale can be found here. Company insiders own 6.24% of the company’s stock.
About Sonic Corp.
Sonic Corp. operates and franchises the chain of drive-thru restaurants (Sonic Drive-Ins) in the United States. As of August 31, 2016, 3,557 Sonic Drive-Ins were in operation from coast to coast in 45 states, consisting of 345 Company drive-thrus and 3,212 franchise drive-thrus. As of August 31, 2016, its restaurant design and construction consisted of a kitchen housed in a one-story building, which was approximately 1,500 square feet, flanked by canopy-covered rows of 16 to 24 parking spaces, with each space having its own payment terminal, intercom speaker system and menu board.
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